Recently, there have been many reports of fake Telegram initial coin offering (ICO) projects used for expensive marketing scams to attract investor money. These scams often use the Telegram name and branding without permission to mislead investors into thinking they are legitimate. The scams promise unrealistic returns through fake Telegram cryptocurrencies that do not really exist. Investors need to be very cautious and thoroughly research any investments related to Telegram to avoid these traps.
A $2.5 billion fake Telegram ICO marketing plan
In March 2018, the New York Times reported that Telegram had raised $850 million from venture capital firms over the prior two months for its cryptocurrency ICO. Soon after, rumors circulated that Telegram was seeking to raise the record-breaking sum of $2.55 billion in its ICO. While Telegram never confirmed or denied these plans, many fake Telegram ICO websites and groups emerged to take advantage of the hype. These scams used the Telegram name and branding without permission, often promising unrealistic returns. Later it became clear these were marketing scams without any real association with Telegram.
Fraudulent websites and groups for fake Telegram ICOs
By late March 2018, no legitimate Telegram ICO websites or groups could be found, leading investors to conclude the rumors were an elaborate hoax. Yet the fake Telegram ICO websites and groups remained, continuing to fool investors with claims of high returns for non-existent Telegram cryptocurrencies. These sites used dubious techniques like fake countdown timers to create false urgency. Some even displayed forged documents claiming association with regulatory agencies to appear legitimate. But Telegram CEO Pavel Durov himself denied any connection and warned these were scams.
Brand names misused to promote fake Telegram ICOs
The marketing scams also misused the names of famous blockchain investors to promote the fake Telegram ICOs. Entities including INBlockchain, BLOCKCHAIN CAPITAL, YUNBI, BITFONEX, FENBUSH CAPITAL, AURORA INVESTMENT ADVISORS and HyperChain Capital were listed as partners on scam websites. But direct checks found no public record of any association with the fake Telegram projects. The use of these big brand names helped the scams appear credible and trick investors into participating.
In summary, investors need to watch out for expensive marketing scams related to fake Telegram ICO projects over recent years. These frauds falsely claim association with Telegram and famous investors to fool people into investing into non-existent cryptocurrencies. Always thoroughly research any investments related to Telegram to avoid these traps.